International Solar Alliance: ISA-ADB, NDB, GCF, AfDB and AIIB joint declarations of Financial partnership
On the occasion, Prime Minister Narendra Modi pledged to generate 175 gigawatts (GW) of electricity from renewable energy sources by 2022, including 100 GW from solar and 60 GW from wind.
The International Solar Alliance (ISA)-African Development Bank (AfDb), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), Green climate fund (GCF) and the New Development Bank (NDB) on March 10, 2018 signed Joint financial partnership Declarations.
The International Energy Agency (IEA) signed a Joint partnership Declaration with the ISA to deepen their cooperation in support of Renewable Energy. The International Renewable Energy Agency (IRENA) also signed a Joint Partnership Declaration.
International Solar Alliance Summit 2018
• The declarations were signed on the sidelines of the maiden International Solar Alliance Summit that was co-hosted by India and France in New Delhi on March 11, 2018.
• The meeting was co-chaired by Prime Minister Narendra Modi and French President Emmanuel Macron and was attended by 21 countries including France, Australia and Sri Lanka.
• On the occasion, Prime Minister Narendra Modi pledged to generate 175 gigawatts (GW) of electricity from renewable energy sources by 2022, including 100 GW from solar and 60 GW from wind.
• Modi also presented a 10-point action plan that states making affordable solar technology available to all nations, framing regulations and standards, providing consultancy support for bankable solar projects and creating a network of centres for excellence.
• Meanwhile, Macron announced a common risk mitigation mechanism to be put in place before the end of 2018 and also announced an additional 700 million euros investment for solar-energy by 2022.
• Under ISA, 100 centre for excellence across the alliance members will train 10000 technicians to achieve the targets.
Declaration of African Development Bank (AfDb)
• The African Development Bank’s New Deal on Energy for Africa aims to achieve universal access to energy in Africa by 2025.
• AfDB’s 'Desert to Power' initiative in the Sahel and Sahara regions of Africa envisages 10 GW of solar power generation and providing clean energy to 90 million people.
• In partnership with the ISA, it will work on mobilization of concessional financing through Bank’s Sustainable Energy Fund for Africa and the Facility for Energy Inclusion.
Declaration of Asian Development Bank
• The Asian Development Bank supports Asia and Pacific region free of poverty.
• ADB’s energy policy seeks to help its developing member countries (DMCs) in Asia to provide reliable, adequate, and affordable energy for an inclusive growth.
• It also aims to provide USD 3 billion per year by 2020 for clean energy, including solar energy projects in its DMCs.
• ISA and ADB in partnership will work for promotion of Solar Energy in Asia and the Pacific, including solar power generation and transmission systems dedicated for integrating solar energy into the grids.
Declaration of Asian Infrastructure Investment Bank
• The Asian Infrastructure Investment Bank finalized 'Energy Sector Strategy' that emphasizes positive support to develop intermittent renewable energy, including solar.
• AIIB and ISA both have joined hands for promotion of Solar Energy in prospective ISA member countries where AIIB operates.
Declaration of Green Climate Fund
• The Green Climate Fund’s 'Strategic Vision' includes financing innovative projects and programmes while supporting the application of advanced climate technologies.
• ISA and GCF aim towards promoting the development of affordable, reliable and sustainable solar energy.
Declaration of New Development Bank
The New Development Bank’s aspires to mobilize resources for infrastructure and sustainable development projects in the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China, and the Republic of South Africa (BRICS).
Declaration of International Energy Agency
• The International Energy Agency is an autonomous agency within the framework of the Organisation for Economic Co-operation and Development (OECD).
• It works to ensure reliable, affordable and clean energy for its 30 member countries and beyond.
• The IEA has four main areas of focus: energy security, economic development, environmental awareness and engagement worldwide.
Declaration of International Renewable Energy Agency
• The International Renewable Energy Agency is a universal international intergovernmental organisation.
• It aims to bring about global energy transformation by supporting countries in achieving the increased adoption and sustainable use of all forms of renewable energy.